the following: Assets Liabilities Owner’s Equity (a) $18‚000 $ 11‚000 $50‚000 (b) $ 28‚000 $35‚000 $ 7‚000 (c) Categories/classes of accounts 2. . Indicate whether each of the following represents an asset‚ liability‚ or owner’s equity/Capital: (a) accounts payable/Creditors (b) wages expense (c) capital (d) accounts receivable/Debtors (e) withdrawal (f) Land g. prepaid insurance unearned revenue g. prepaid insurance 3. Identify each of the following as
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Acquisition and Payment Cycle – Audit Program Design Part II Acquisitions General: 1.) Review purchase and expenditure procedures with accounts payable personnel‚ receiving personnel‚ cashier‚ and vice president of finance department. 2.) Examine general ledger for large and unusual disbursement amounts. 3.) Determine whether purchases greater than $5‚000 have additional approval. Audit Objective: Recorded acquisitions are for goods and services received. 1.) Examine documents in
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Risks • Cash transactions may not be recorded accurately • Cash may not exist Steps 1. Confirm selected bank accounts and special arrangements Select bank accounts for confirmation in order to obtain a moderate to low level of assurance that the aforementioned audit objectives are achieved. Bank confirmations should be sent to all banking relationships to identify accounts not included in the general ledger. Confirmation requests should be sent under our control and‚ second requests
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cash. b. The classes of transactions in this cycle for a merchandising company are sales‚ sales adjustments‚ and cash receipts. The primary accounts affected by these transactions are sales‚ accounts receivable‚ cost of sales‚ inventory‚ cash‚ sales discounts‚ sales returns and allowances‚ bad debts expense‚ and allowance for uncollectible accounts 14-2. a. Specific audit objectives for the revenue cycle are derived from the five categories of management’s financial statement assertions
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2010 and 2012 are both over 2.0‚ which is larger than the miscellaneous manufacturing company (1.64). This means in liquidity Mattel did better than average of manufacturing industry. 2.2 Quick Ratio |Year |Cash+Marketable Securities+Accounts Receivalbe/ Current Liabilities | |2010 |($1‚281‚123+$1‚146‚106)/$1‚350‚282=1.79 | |2011 |($1‚369
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demand deposits from public. (3) Banks can only accept time deposits from public. (4) Banks can accept both time and demand deposits from public. (5) Banks can accept demand and time deposits from Government. 3). Interest Payable on savings bank account is (1) Not regulated by RBI (2) Regulated by State Governments. (3) Regulated by Central Government (4) Regulated by RBI (5) Regulated by Finance Minister. 4). Which among the following is the correct statement ? (1) State Bank of India is
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of America b. List three facts about savings account options at the bank or credit union you chose. (3 sentences. 1.0 points) Regular Savings is for a standard savings account‚ it’s good if you’re just starting a savings account. Personal Savings is if you want to earn more interest with your balance amount. A custodial savings is if you want to begin saving for your child’s future. c. List three facts about checking account options at the bank or credit union you chose. (3 sentences
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Introduction Banking can be defined as the business activity of accepting and safeguarding money owned by other individuals and entities‚ and then lending out this money in order to earn a profit. However‚ with the passage of time‚ the activities covered by banking business have widened and now various other services are also offered by banks. The banking services these days include issuance of debit and credit cards‚ providing safe custody of valuable items‚ lockers‚ ATM services and online
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in the following accounts; i) Fixed or time deposit account:-Money is deposited in this account for a fixed period. The depositors get a fixed deposit receipt. The receipt contains the name of the depositor‚ the amount deposited‚ the rate of interest and the period of deposit. This receipt is not transferable. If the depositor needs money before the completion of the deposit time period‚ then bank refunds the money after charging some discount. The money deposited in this account earns maximum interest
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भारतीय रज़व बक _________RESERVE BANK OF INDIA_________ www.rbi.org.in RBI/2012-13/50 DBOD No.Leg.BC. 21 /09.07.006/2012-13 July 2‚ 2012 Ashadha 11‚ 1934 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir‚ Master Circular on Customer Service in Banks Please refer to the Master Circular DBOD.No.Leg.BC. 18/09.07.006/2011-12 dated July 01‚ 2011 consolidating many of the important instructions issued by us in the area of customer service up to June 30‚ 2011. The Master Circular has been
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